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The rebound in electricity prices has pushed up the quarterly CPI in Australia, but core inflation has fallen to a three-year low, with the market betting on another rate cut in May.
According to data released by the Australian Bureau of Statistics on Wednesday, the CPI rose by 0.9% in the first quarter, higher than the market forecast of 0.8%. However, the annual inflation rate remained at 2.4%, indicating moderate overall price pressure. The quarterly increase in the 'trimmed mean core inflation,' which is of greater concern to policymakers, was 0.7%, slightly above the expected 0.6%, but the annual rate slowed from 3.3% in the previous quarter to 2.9%, marking the first return to the Reserve Bank of Australia's target range of 2%-3% since the end of 2021. Despite the data being slightly higher than expected, the Australian Dollar rose 0.3% against the US Dollar in the short term, while earlier gains in three-year government bond Futures were reversed.
Australia's Core Inflation Exceeds Expectations, Damping Rate Cut Bets
Slowing Australian Inflation Supports Case for Imminent Rate Cut
